When comparing MonoGame vs Wave, the Slant community recommends MonoGame for most people. In the question“What are the best 2D game engines?”MonoGame is ranked 15th while Wave is ranked 36th. The most important reason people chose MonoGame is:

Support for iOS, Android, Mac OS X, Linux, Windows (both OpenGL and DirectX), Windows 8 Store, Windows Phone 8, PlayStation Mobile, and the OUYA console with even more platforms on the way. Though it is an extra cost to do any platform other than Windows.

Pros

Pro

Cross-platform

Support for iOS, Android, Mac OS X, Linux, Windows (both OpenGL and DirectX), Windows 8 Store, Windows Phone 8, PlayStation Mobile, and the OUYA console with even more platforms on the way. Though it is an extra cost to do any platform other than Windows.

Pro

Open source

All the code is available to you ensuring you'll have the ability to make changes when you need to or even port to whole new platforms.

Pro

Managed code

By leveraging C# and other .NET languages on Microsoft and Mono platforms you can write modern, fast, and reliable game code.

Pro

Performance on desktop

The performance on desktop platforms matches that of C++, but you still get all the pleasant features that C# has to offer.